"Ryan is not planning on doing anything big at this moment. He is trying to let the dust settle for now," a source told E! News about his plans. "He is taking a break from swimming for a little bit, but will get back at training when he feels up to it. He is not giving up, he just is very overwhelmed what has happened."

Lochte would join contestants Amber Rose, JoJo Fletcher and Jake T. Austin for the 23rd season of the ABC reality competition. The show wanted to land gymnastics star Simone Biles, and she is interested... just not now.

"I would love to do Dancing with the Stars, but so far we have a three month tour after this Olympics," Biles told E! News' Zuri Hall at the P&G Family Home in Rio. "I'm not sure if I'll have time."

ABC does not comment on casting reports and is set to announce the cast of season 23 on 'Good Morning America' on Tuesday, Aug. 30. But US Weekly is reporting Lochte to the show is already a done deal.